its a managerial accounting question

Halyard Company, an office supplies specialty store, prepares ts master budget on a quarterly base. The following data have been assembled to assist in preparing the master budget for the first quarter a. At of December 31 me end of the poor quarters, the companys general beaget showed the following account balances 204, 58,1 Can accounts receivable Inventory Band) its payable OCH Retained in 25,75 3, S. b. Actual sales for December and budgeted sales for the next four months are as follows 5 255, Decemberital) January February March Sri $ 57, . 1. Soles are 20% for cash and 80% on Credit All payments on credit sales are collected in the month folowing sale. The accounts receivable at December 31re result of December create d. The companys gross marginis 40 of sales another words. cost of goods sold is so of sales) e Monthly expenses are budgeted as follow salaries and wages. $20.000 per morm dovemang, 560.000 per month, shipping, 5% of soles other expenses of sales. Depreciation, including depression on new assets acquired during the quartet web $42.900 for the quarter Ench month's ending Inventory should equst 25% of the following month's cost of goods sold 9 One hat of a month inventory purchases is paid for in the month of purchase the other horis paldin the following month During February, the company will purchase a new cooy machine for $4500 cash During Mach other equipment will be purchased for cash at a cost of $72.500 1. Each month's ending Inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's Inventory purchases is paid for in the month of purchase the other half is paid in the following month. h. During February, the company will purchase a new copy machine for $1.500 cash. During March, other equipment will be purchased for cash at a cost of $72,500 L During January, the company will declare and pay $45,000 in cash dividends. J. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The Interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarter. 1. Schedule of expected cash collections 2-0. Merchandise purchases budget 2-b. Schedule of expected cash disbursements for merchandise purchases 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Required: Required 2A Required 20 Required a Required* Required 5 Complete the Schedule of expected cash collections Cash sales Credit sales Total collections Schedule of Expected Cash Collections January February March $ 78.000 204,000 $ 282 0005 05 Quarter 3 70.000 200.000 3 282.000 0 Save Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Quarter Helly and ea Cash Budget February 3 45.000 282.000 327.000 0 218.4001 111.200 45.000 Beginning cash balance Add collections from customers Total cash available Less cash disbursements Inventory purchases Selling and administrative expenses Equipment purchases Cash dividends Total cash disbursements Excess (deficiency of cash Financing Borrowings Repayments Interest Total financing Ending cash balance 374 000 (47.600) 0 0 5 (47.60015 03 OS Prey 13 13 NO menti Saved Required 1 Required 2A Required 28 Required 3 Required 4 Required s Prepare an absorption costing income statement for the quarter ending March 31. Hilly and Company Income Statement For the Quarter Ended Marchas Cost of goods sold 0 0 Selling and administrative expenses 0 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Prepare a balance sheet as of March 31. Milyard Company Balance Sheet March 31 Assets Current assets: 0 Total current assets 5 0 Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: 0 0 Total liabilities and stockholders equity